Advanstar announces second-quarter results

New York—Advanstar Communications reported net income of $15.5 million for the second quarter, compared with a net loss of $27.8 million in the second quarter of 2004.

Net income in the second quarter of 2005 includes results of assets sold to Questex, as well as a $53 million gain on the sale of the assets.

Revenue for the second quarter was $56 million, down 0.4% from $56.2 million in the second quarter of 2004.

Advanstar said that workforce reductions related to the Questex sale resulted in a second quarter charge of $1.2 million for severance costs. When the deal was completed in May, Advanstar announced that 89 employees would be let go by the end of the year.